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Home Our Perspective ADMISSION By FDIC: Massive Balance Sheet FRAUD (Denninger)
ADMISSION By FDIC: Massive Balance Sheet FRAUD (Denninger) PDF Print E-mail
Written by Steve Meyers   
Monday, 08 March 2010 16:14

Remember this Ticker from a few days ago?

I am constantly amused by those people who claim there is some vast "conspiracy" in this country when it comes to banks, balance sheets, and fraudulent lending and accounting.

There is no conspiracy.

It is, in fact, "in your face" fraud.

Well, one of the people on the forum emailed The FDIC to ask about what I had alleged.  This was their response:

That’s the value the bank had them on their books on their year-end financials, but the true value is much less

.

It is similar to someone in Las Vegas saying that their house is worth $300,000 because that’s what they paid for it three years ago, but the reality is, if they had to sell it in today’s market, they’d only get $250,000 for it. The FDIC has to sell assets in today’s market.  READ MORE
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andyb  - NY Fed reverse repo(s) |70.145.135.xxx |2010-03-08 18:57:38
This doesn't look good for the market. Is the Fed trying to remove liquidity w/o raising rates?
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andyb  - Sorry left out the URL |70.145.135.xxx |2010-03-08 18:59:03
http://www.newyorkfed.org/markets/rrppolicy/rrp_operating_policy_100308.html
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andyb  - re: Sorry left out the URL |70.145.135.xxx |2010-03-08 19:13:46
Delete the space in the url if you want to get to the nyfed website I entered in the prvious message. There sohould not be a space in 100308. I copied and pasted the URL but somehow a space was entered.
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